Listen to the article
Investment Scam Falsely Uses Double Dragon Chairman’s Name to Lure Victims
A deceptive Facebook advertisement has been circulating online, falsely claiming that DoubleDragon Chairman Edgar “Injap” Sia II is behind a new investment opportunity promising weekly payouts of ₱96,500 to participants.
The fraudulent post, published by a Facebook account named “VERDE E CIA,” features a manipulated video with the caption: “A new project called Ayala Investments AI has been launched, offering every Filipino the opportunity to earn an impressive ₱690,000 per month, starting with just ₱6,000!”
Fact-checkers have confirmed that no such investment program exists. The advertisement directs users to a fake website designed to mimic the legitimate news outlet Inquirer.net, a common tactic used by scammers to create an appearance of credibility.
DoubleDragon Properties Corp., where Sia serves as chairman, has made no announcements regarding any investment program guaranteeing such extraordinary returns. The company’s official communications channels contain no reference to the scheme mentioned in the advertisement.
While Sia is indeed a co-founder of DragonFi Securities Inc., this legitimate business offers a voluntary retirement savings program called “PERA” (Personal Equity and Retirement Account), which operates within regulated financial frameworks and makes no promises of guaranteed weekly payouts.
This is not the first time scammers have attempted to exploit the Inquirer.net brand. The news organization has previously issued warnings on its official Facebook page about impostor websites and false reports promoting dubious investment schemes using its name and visual identity.
The fraudulent nature of this investment offer follows a pattern of similar scams that have been debunked by fact-checking organizations. PressOne.PH previously identified a comparable scheme that also utilized a counterfeit Inquirer.net article to promote financial scams.
Edgar “Injap” Sia II remains one of the Philippines’ most prominent business leaders. According to Forbes, he ranked as the 39th wealthiest person in the Philippines as of August 2023. His legitimate business activities include a March 2023 announcement of a ₱10 million matching grant for PERA accounts in DragonFi, showcasing his actual involvement in proper financial services.
The fraudulent post has gained concerning traction, accumulating 346 likes, 60 comments, and 10 shares at the time of reporting, indicating that many potential victims may have been exposed to the scam.
Financial experts advise consumers to verify any investment opportunity by checking official business websites and social media accounts for genuine announcements or press releases. More importantly, legitimate investment products should be registered with the Securities and Exchange Commission.
The proliferation of such investment scams highlights the importance of digital literacy and vigilance when encountering offers of extraordinary returns with minimal investment. Scammers frequently impersonate credible news outlets and use the names of well-known business figures to lend an appearance of legitimacy to their fraudulent schemes.
Consumers are reminded that investment opportunities promising guaranteed, extraordinarily high returns with minimal risk should always be treated with skepticism, as legitimate investments typically involve balanced risk-reward considerations and are transparent about their regulatory compliance.
Fact Checker
Verify the accuracy of this article using The Disinformation Commission analysis and real-time sources.
8 Comments
It’s good to see the authorities take this kind of misleading advertisement seriously. Protecting investors from financial fraud should be a top priority. Hopefully, this serves as a warning to others not to believe such outlandish claims.
Deceptive ads like this can be very harmful, exploiting people’s trust. It’s important for the public to be cautious about any investment opportunities making outlandish promises. Thorough research is crucial before putting money into any program.
You’re absolutely right. Blindly trusting claims of huge monthly payouts is a recipe for disaster. Reputable companies don’t need to resort to such tactics to attract investors.
Sadly, these types of scams targeting the public are all too common. I’m glad the real company, DoubleDragon, was able to distance itself from this fraudulent activity. Investors must always do their due diligence.
Absolutely. Investors should be extremely wary of any investment opportunity that promises unrealistic returns. Reputable companies don’t need to resort to deception to attract funding.
This is a clear-cut case of financial fraud. Using a respected business leader’s name to lend credibility to a fake investment scheme is a despicable tactic. I’m glad the authorities were able to expose this scam before more people lost money.
This is a concerning scam trying to mislead people using a prominent executive’s name. I’m glad the authorities were able to fact-check and debunk this fraudulent advertisement. Investors should always be wary of unrealistic claims of high returns.
This is a classic scam tactic – using a respected business leader’s name to lend credibility to a fake investment scheme. Kudos to the fact-checkers for exposing this fraud before more people fall victim.